Layout References Mailings Review View Design Layout Tell me what you want to do 21 AaBbCcDd AaBbccbd AaBbCcDd AaBbcc AaB Normal 1 No Spac... Table Pa Heading 1 For Paragraph Question 7 (5 marks) Lounge Pty Ltd uses the periodic inventory method and had the following inventory information available for the month of December: Units Unit Cost Total Cost 1 Dec Opening Inventory 100 $4 $ 400 15 Dec Purchase 500 $5 2,500 18 Dec Purchase 100 $7 700 20 Dec Purchase 300 $8 2.400 1.000 $6.000 A physical count of inventory on 31 December revealed that there were 250 units on hand. Required: Answer the following independent questions and show all calculations to support your answer. Type your answer in the template provided. [Answer and show workings here] 1. Assume that the company uses the LIFO method. What is the value of the ending inventory at 31 December? (2 marks) search II E Layout References Mailings Review View Design Layout Tell me what you want to do 21 AaBbCcDd AaBbccbd AaBbCcDd AaBbcc AaB Normal 1 No Spac... Table Pa Heading 1 For Paragraph Question 7 (5 marks) Lounge Pty Ltd uses the periodic inventory method and had the following inventory information available for the month of December: Units Unit Cost Total Cost 1 Dec Opening Inventory 100 $4 $ 400 15 Dec Purchase 500 $5 2,500 18 Dec Purchase 100 $7 700 20 Dec Purchase 300 $8 2.400 1.000 $6.000 A physical count of inventory on 31 December revealed that there were 250 units on hand. Required: Answer the following independent questions and show all calculations to support your answer. Type your answer in the template provided. [Answer and show workings here] 1. Assume that the company uses the LIFO method. What is the value of the ending inventory at 31 December? (2 marks) search II E